ME News reports that, on May 27 (UTC+8), according to monitoring by Beating, the closed-end fund Powerlaw Corp. (ticker: PWRL) will list directly on Nasdaq on the same day in a direct listing. As a closed-end fund holding existing assets, this listing will not involve issuing new shares or raising any new capital; instead, it will directly list existing shares for trading. The fund’s core holdings include SpaceX, Elon Musk’s aerospace company, and the artificial intelligence firm OpenAI, providing retail investors with direct access to top-tier private tech giants. Driven by expectations that SpaceX’s valuation could reach $200 billion and OpenAI’s valuation could approach $1 trillion, retail investor demand for pre-IPO equity has surged recently. Compared to accredited high-net-worth investors, ordinary individuals have extremely limited avenues to invest directly in private markets, leading to persistent trading prices far above net asset value for funds such as Destiny Tech100, Robinhood Ventures Fund I, and Fundrise Innovation Fund LLC. Operated by an affiliate of San Francisco-based venture firm Akkadian Ventures, Powerlaw holds stakes in 18 private companies. As of May 13, the fund’s total net asset value stood at $604.1 million, equivalent to $13.97 per share. The fund’s two largest holdings are SpaceX (valued at approximately $117 million, more than doubling its original cost) and OpenAI (valued at approximately $46.9 million). According to the listing prospectus, Powerlaw has a total of 43.24 million shares outstanding. Since this is a direct listing of existing shares, only about 20% of the free-floating shares held by current shareholders will be available on the first day of trading, with the remainder to be gradually released over the next six months. The fund employs an active management strategy, aiming to realize gains from mature investments and recycle capital into high-growth holdings, targeting over a 10x return for its current base of more than 600 shareholders. The fund charges an annual management fee of 2.5% and no performance fee. Since nearly 80% of the fund’s investments are held through special purpose vehicles (SPVs), the layered structure may introduce additional fees. With AI company Anthropic recently warning it will invalidate unauthorized SPV holdings, these indirect ownership channels face compliance risks. CEO Mike Dinsdale acknowledged that SPVs are powerful tools in the right hands but dangerous in the wrong ones. (Source: BlockBeats)
Powerlaw Corp. to Directly List on Nasdaq with Holdings in SpaceX and OpenAI
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Summary
Powerlaw Corp. (PWRL) will directly list on Nasdaq on May 27, bringing on-chain news to digital asset investors. As a closed-end fund, the listing will trade existing shares without any new issuance. The fund holds stakes in SpaceX and OpenAI, with a net asset value of $60.41 million as of May 13. OpenAI is valued at $46.9 million, and SpaceX at $11.7 million. The fund plans to monetize mature assets and reinvest in high-growth opportunities, targeting over 10x returns for its 600+ shareholders. This listing adds significant digital asset news to the Nasdaq calendar.
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